“Make best efforts to do the 127th. Cantonfair living broadcasting and sell goods out.”said president Menda Cen of Ningbo Lamo Electric Appliance Co., Ltd.., and he told us this year all home appliance companies are confronted with similarly complicated environment, so the concentration on our own area and focus on brand will become more important, there is not shortcut to win profit. Only if we have such mental preparation, the road will become wider and wider.
During the second half of last year, when China-United States Trade-War was ongoing., with additional tariff added twice, up to 25%, LAMO’s core product water dispenser is on the list as well as refrgerator and other home appliance products, which has made the business very tough. However, through internal and external improvement and prompt and efficient reaction, LAMO realized soft landing and big-percentage growth. LAMO’s self-run export sales volume still increased by around 20% over the previous year. In Year 2020, from Jan. till May., LAMO’s turnover has grown by 10% compared with last year same period.
It was understood that LAMO Group is the largest shareholder of Ningbo Zhongjin Aluminum ltd.. The subsidiary’s foil product’s oversea market annual turnover is as much as eighty million us dollars. Because of the contention of strategic industrial chain, it encountered the two anti-dumping in the EU market in 2013 and the United States in 2017. The levy of tariffs was as high as 100%-200%, and was forced to withdraw from the two major markets and turn to Saudi Arabia and other middle east market, also called one belt, one road countries. Since last year, Ningbo Lamo Electric Appliance Co., Ltd., on one hand, has shared tariffs with American customers; on the other hand, it has accelerated product innovation to improve value and technical content . The strategic positioning is to carry out the strategy of trade diversification. LAMO has formed a global layout situation in which the United States, the European Union and other markets in the Middle East each account for one third.
‘Where there is a will, there is a way, lose here, gain there’ with the sentence President CEN of LAMO group concluded the past 8 years’ experience of challenges of anti-dumping, China-USA trade war and shared his feeling with entrepreneurs who are suffering loss due of COVID-19.